22nd Jul 2021 19:15
(Alliance News) - GENinCode PLC on Thursday said it begin trading in London with a market capitalisation of GBP42.2 million.
The company, which is focused on predictive genetics for the prevention of cardiovascular disease, said it has completed a GBP17 million fundraising at a price of 44 pence a share. Overall, 38.6 million shares were issued, representing 40% of the enlarged share capital. On admission, the company will have 95.8 million shares.
The net proceeds from the fundraise will be used to assist the company in achieving its stated objectives, focused on US regulatory, reimbursement and commercialisation programme. GENinCode also said it plans to expand in EU and the UK. The remaining proceeds will be used to fund corporate costs with a runway to early-2023.
GENinCode shares closed at 42.0 pence each in London on Thursday, down 4.5% from the admission price.
By Evelina Grecenko; [email protected]
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